Whether a life insurance policy can still be cancelled years later depends to a large extent on whether the policyholder’s possibilities of cancellation were properly explained to him.

Cologne, NRW -- (SBWIRE) -- 10/21/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Within the space of a few weeks, the German Federal Court of Justice (BGH) twice had to rule on the right of withdrawal with respect to life insurance policies. A consequence of the BGH's case law is that properly informing the policyholder is decisive in determining whether the insurance policy can still be rescinded after the actual cancellation period has expired.

Both cases in Karlsruhe dealt with life insurance policies that had been concluded between 1994 and 2007 in accordance with the so-called "policies model" (Policenmodell). The essence of this model was that the right of withdrawal expires no later than one year following payment of the first premium – even if the policyholder's possibilities of withdrawal had not been properly explained to him. However, the BGH put an end to this arrangement with its judgment of May 7, 2014 (IV ZR 76/11), declaring the clause to be null and void on the basis that it also did not comply with European law. According to the case law of the BGH, the policyholder retains his right of withdrawal if his possibilities of cancellation have not been properly explained to him. In these cases, withdrawal is still possible if the policy has already been terminated.

In another case dated July 16, the BGH ruled in favour of the insurers. This time a policyholder wanted to withdraw from his life insurance policy, concluded in 1998 in accordance with the "policies model", which had since been terminated. Pursuant to the "policies model", it was typical for the entire documentation to be sent only after the contract had been concluded. The plaintiff took the view that the contract was null and void due to the delay in the provision of information and had to be rescinded. This view was not shared by the Karlsruhe judges. If the policyholder had been belatedly yet properly informed about his possibilities of cancellation, the policy could not be retrospectively cancelled. After the certificate of insurance was dispatched, the contract could have been cancelled within a period of 14 days. Furthermore, the BGH did not consider European law to have been breached.

If policyholders have not been properly informed about their possibilities of cancellation, they are still able to cancel their life insurance policies. A lawyer versed in the field of insurance law can examine whether cancellation is possible in individual cases.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Capital-Markets-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Globalisation continues to advance. Trade has long since ceased to stop at national borders. This also has implications for jurisdiction.

Cologne, NRW -- (SBWIRE) -- 10/21/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Distances no longer pose a problem, many borders are open and a lot of firms operate internationally. Increasing globalisation has opened up new sales markets and possibilities. At the same time, the legal situation for international business relationships has become far more unclear, as national law is frequently not applicable in cases where foreign elements are involved.

In this instance, international law, or more specifically private international law (PIL), supersedes the national legal order. PIL decides which law is to be applied and the jurisdiction of courts in cases involving cross-border legal disputes. Thus, it becomes important if different national legal systems collide with one another in a dispute and different country-specific systems of private law come into consideration for assessing the circumstances. That is why it is also referred to as the conflict of laws. In international conflict cases, PIL determines which law is applicable.

Yet private international law is part of national law. Each country separately regulates private international law. This can in turn lead to varying or controversial legal opinions in international disputes.

It is therefore virtually essential for internationally operating businesses to obtain competent legal advice from lawyers who are qualified and experienced in the field of international law, as the fact that national disputes are difficult to resolve and controversial legal opinions collide with one another is all the more true for international relations.

Legal certainty is important to companies when concluding transactions at home and abroad. Extreme care should therefore be exercised as early as the stage of drafting agreements with (international) business partners so as to be immune to unpleasant and, as the case may be, costly surprises. Lawyers competent in the field of international law can review and draft the agreements and provide legal security for transactions. They will, of course, also represent your interests in the event of a dispute with international business partners and assert cross-border claims.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/International-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

There is scarcely another field of law that has grown so much in importance over recent years as IT law. People come into contact with this field both from professional and private perspectives on an almost daily basis.

Cologne, NRW -- (SBWIRE) -- 10/21/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Due to enormous technical developments over the past few years, IT law or information technology law has gained hugely in importance. There is an internet connection in almost every household and, of course, at most workplaces. As much as technology can be a boon for many businesses and private users, it has equally raised many new legal questions. IT law comes into contact with a series of other legal fields, in particular data protection law, trademark law, copyright law and competition law.

Thanks to modern technology, many transactions can be completed quickly and easily. However, society and businesses have also become vulnerable, for example, to hacker attacks. It is particularly in the field of data protection that the damage can be enormous. It is all the more important for businesses to contractually regulate their relationships with clients, distribution and business partners or licensees, and cover their backs. Since many legal fields have to be addressed and taken into account, this ought to happen in conjunction with legal consultation. Lawyers competent in the field of IT law who have extensive know-how in the adjacent fields of law can ensure agreements are watertight and safeguard your interests in the event of legal disputes.

They can start with the business's website, which, first and foremost, must satisfy the requirements of the German Telemedia Act. It is especially with regard to e-commerce that cancellation policies and general terms and conditions (GTC) have to be legally secure; otherwise, one will end up being faced with a warning letter sooner than expected, as competitors are just waiting for this kind of mistake to be made. If, for instance, the website has to be removed even temporarily from the internet as a consequence of a warning letter, the damage can be enormous.

Rules and regulations concerning the internet or the use of new media are currently still undergoing constant change, which can also lead to changes in legal consequences. This makes regular consultation with competent lawyers all the more important.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/IT-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

A trademark can be of considerable value to a business. It is therefore crucial to have the trademark protected. An infringement of a trademark can give rise to claims for damages.

Cologne, NRW -- (SBWIRE) -- 10/21/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: The more well-known a trademark becomes, the greater its value to the business – whether international or national. In order to prevent third parties unintentionally profiting from a good brand name, it is important to protect and register the trademark. In doing so, it is a good idea to determine the territorial sphere of activity. In principle, the trademark is initially considered to be protected within the borders of the country in which it was entered into a trademark register. However, it may be necessary to expand the scope of protection beyond these borders.

A trademark allows a business to differentiate itself from the goods and services of competitors. The trademark becomes protected by being entered into the trademark register, i.e. others are not allowed to use this trademark for their own purposes. If the trademark right is infringed, claims for damages or injunctive relief can be asserted. As a matter of principle, any symbol can be registered as a trademark which is suitable for distinguishing one's own goods or services from those of competitors. This includes word marks, figurative marks, three-dimensional marks, sound marks and tracer marks. By registering the trademark, the owner of the trademark acquires the exclusive right of use. Having said this, third parties can also be granted a right of use (trademark license).

Care must obviously be taken when registering the trademark that no third-party rights are infringed. One should therefore rely on the assistance of lawyers competent in the field of trademark law in the process of registering a trademark. They can also examine whether a trademark right has been infringed – including in view of the continuously changing and, to some extent, contradictory case law. In doing so, it is important to observe the case law of international courts. The financial damage in the event of an infringement of a trademark right can be enormous. For this reason, you should draw on the support of competent lawyers at an early stage.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Trademark-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

World trade, important for merchant shipping and thus also those investing in ship funds, appears to be losing momentum. This is demonstrated by the current figures.

Cologne, NRW -- (SBWIRE) -- 09/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Fondstelegramm reported that the container throughput index of the Rhineland-Westphalia Institute for Economic Research (Rheinisch-Westfaelischen Instituts fuer Wirtschaftsforschung (RWI)) and the Institute of Shipping Economics and Logistics (Instituts fuer Seeverkehrswirtschaft und Logistik (ISL)) decreased in May from 122.6 to 121.3 points. They claimed this indicates that world trade is losing momentum.

Merchant shipping has been in a deep crisis for a few years now. One of the main reasons for this is that in the past overcapacities were created which in turn resulted in low charter rates. This also led to economic difficulties for several ship funds from various issuing houses. Investors felt the consequences: Dividend distributions lagged behind prospected expectations or were omitted entirely. A great deal of ship funds even had to go before an insolvency court. For many investors this meant the total loss of the money they had invested.

The latest figures show that the spring revival for container throughput in world harbours was weaker than usual. It seems that the shipping crisis has still not past and an end is not yet in sight. Investors in ship funds that are disappointed with the development of their capital investment can turn to a lawyer competent in the fields of banking and capital market law, who can review whether claims for damages may be asserted.

Experience has shown that erroneous investment counselling has more frequently been an issue when ship funds are brokered. Ship funds were regularly promoted as being a safe capital investment with high returns. However, shares in ship funds entail the acquisition of business shareholdings. These not only provide opportunities to make reasonable returns; they also involve a whole series of risks. These can include, inter alia, exchange rate fluctuations, long maturities or the complicated negotiability of shares in funds, but it is the risk of total loss which is particularly serious. In the course of receiving proper investment advice, the investors should have been comprehensively informed about these risks. The banks should equally have disclosed the commission they received for brokering services. If risks or commission payments were concealed, this may justify claims for damages.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Capital-Markets-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

If the proprietor of a firm retires, company succession must be arranged. Generally, there are two options: Sell or bequeath.

Cologne, NRW -- (SBWIRE) -- 09/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Should the boss, that is to say the owner of a firm, wish to retire in the foreseeable future, the issue of company succession has to be settled – a complex process that raises many questions (including legal ones).

In the case of a family business, the successor is frequently sought from within the family, as the business should be passed on to a trustworthy pair of hands. The company can then be bequeathed. Those inheriting businesses are at present still able to benefit from considerable tax concessions, yet these could come to an end in the foreseeable future. It is currently being discussed whether those inheriting businesses are benefiting from excessive preferential treatment compared with private heirs and whether the principle of equality is thereby being infringed. A new arrangement is expected in autumn. It is conceivable that the tax concessions will then be substantially limited.

In order to protect the company's assets in the case of inheritance, a lawyer experienced in the fields of inheritance and tax law ought to be consulted.

If the business is to be sold rather than bequeathed, there are two options. The firm switches owner in return for a one-off payment of an agreed purchase price or other payment arrangements are agreed upon, for example regular instalments or annuity payments. It is also conceivable to sell the firm to the existing management (management buy-out) or to the management of an external organisation (management buy-in). The organisational possibilities and tax consequences must be considered with every sale. For this reason, the sale of a company should always be well thought through and prepared.

Company succession touches on several legal fields. Issues pertaining to inheritance and family law must equally be considered as well as tax regulations. A team of experienced and highly competent lawyers and tax advisors from different legal fields can assist in arranging a smooth company succession to the satisfaction of all parties involved. They can accompany company succession from the outset, work out a suitable approach and exploit the room to manoeuvre for the benefit of those concerned.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Business-Succession.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Enforcing international jurisprudence in Germany is not always easy. The law firm GRP Rainer is experienced in enforcing claims beyond state borders.

Cologne, NRW -- (SBWIRE) -- 09/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: State borders also mark the end of the jurisdiction of courts. This can lead to problems if the matter is one of enforcing claims against foreign debtors.

There are many situations in which German and international law clash with each other and the jurisprudence varies from state to state. A traffic accident or the purchase of property abroad can give rise to serious problems when it comes to enforcing one's claims. This, of course, also applies in these times of globalisation in particular to cross-border economic relations between businesses of different states.

In principle, foreign judgments are recognised in Germany, yet the legal consequences can vary significantly. While within the European Union member states are striving to harmonise jurisprudence, differences do still remain. Nonetheless, there are appropriate regulations between the states of the EU in order to simplify the enforcement of judgments. Outside the EU, it is considerably more difficult to enforce a foreign judgment in Germany.

Germany has concluded corresponding agreements with most, but not all, states. However, if no European regulations or other intergovernmental agreements are applicable, a judgment of a foreign court can only be enforced according to German procedural law if it has been declared admissible. This also means that claims which relate to a judgment from a foreign court are not automatically enforceable in Germany.

Globalisation has made jurisprudence and its enforcement across state borders increasingly important. In order to be able to actually enforce claims, those concerned should turn to lawyers who are familiar with international law and international litigation. The Cologne-based law firm GRP Rainer also works for this reason with international law firms in order to be able to enforce or repel claims before the relevant courts.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Execution-and-enforcement-of-foreign-judgments-in-Germany.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

All states have their own inheritance laws. In succession cases involving a foreign element, the question arises as to which inheritance law is applicable. In many cases, this is a complex matter.

Cologne, NRW -- (SBWIRE) -- 09/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: In lots of cases, the different national provisions on inheritance law clash with one another. There are basically three criteria that need to be observed here: the testator's nationality, the testator's last place of residence and assets abroad.

Private international law regulates which national inheritance law is applicable. In Germany, private international law is based on the testator's nationality. If the testator was a German, then, e.g. concerning the matter of succession, German law would also apply. In this respect, it is insignificant whether the deceased had been living abroad for many years. However, if a foreign citizen leaves behind assets located in Germany, the inheritance laws of the respective nationality are applicable.

Other states regulate inheritance law differently. In this context, the deceased's last place of residence can potentially be decisive. Things become complicated if the different national provisions clash with one another. Disputes can then emerge over which inheritance laws must be applied. If properties or plots of land located abroad are included in an estate then further additional provisions must be considered, since some countries subject landed property to their own laws as a matter of principle.

In order to avoid these kinds of exhausting and potentially costly arguments, appropriate agreements can be made during the lifetime of the testator. However, this requires solid expertise in international inheritance law. Those affected can therefore turn to lawyers experienced in the field of inheritance law, who ideally also cooperate with law firms abroad. They can ensure that inheritance issues are regulated as desired.

Tax also always plays a role in inheritance and bequeathing. The different legislative rules on tax can also be considered by lawyers and tax advisors competent in the field of inheritance law, so that there is no threat of trouble afterwards due to possible tax evasion or the state claims a large proportion of the inheritance for itself by means of inheritance tax.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.
Contact Michael Rainer Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/International-Law-of-Succession.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The German Federal Constitutional Court (Bundesverfassungsgericht) is currently dealing with inheritance and gift tax. The focus is the question of whether tax benefits for businesses are justified.

Cologne, NRW -- (SBWIRE) -- 09/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Those inheriting companies can benefit from tax concessions. Whether these concessions are constitutional or contravene the principle of equality is the question which the Federal Constitutional Court has been grappling with since July 8, 2014. The Constitutional Court found itself confronted with this question as early as 2006. Back then it decided that the privileges for those inheriting businesses were legitimate if they served the wider common good. In doing so, it principally looked at the preservation of the company and thus jobs. Companies with more than 20 employees can benefit from this.

The German Federal Fiscal Court (Bundesfinanzhof) now sees an "over-privileging" of those inheriting businesses compared with heirs to private assets; in particular, it has not been demonstrated that inheritance tax puts the continuity of the business at risk. Moreover, private assets can be relatively easily converted to company assets so as to circumvent inheritance tax.

A ruling is not expected until autumn. However, it can be assumed that there will be changes to the special provisions on inheritance and gift tax. In order to still be able to benefit from the current tax concessions, company succession in businesses should be promptly planned.

In order to ensure that company succession is managed in a way that is optimal for tax purposes, those concerned can turn to experienced tax advisors and lawyers versed in tax law. They can see to it that neither the business nor the successor is subject to excessive taxation as a result of inheritance or a gift. It is conceivable that the tax burdens will increase following the ruling expected in autumn. In the context of company succession, this may result in a financial burden for businesses which, in extreme cases, could threaten their existence.

It is therefore advisable that company succession in the businesses concerned be planned as soon as possible in order to still be able to benefit from the full tax concessions of between 85 and 100 per cent.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Inheritance-Tax.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Nasty surprises can be a risk in the case of inheritance, particularly if an estate includes untaxed illicit earnings. Heirs must be careful.

Cologne, NRW -- (SBWIRE) -- 08/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude:

In the case of bereavement and the associated inheritance, thoughts of tax evasion are initially very remote. Heirs may nevertheless render themselves liable to prosecution if the testator also leaves behind untaxed illicit earnings. If the heirs do not declare this to the competent tax authorities, they render themselves liable to prosecution for tax evasion.

Heirs should therefore take a good look if accounts in Switzerland, Liechtenstein, Luxembourg or other tax havens appear in the estate. It is possible for them to have inherited untaxed illicit earnings without knowing it, in which case they should urgently turn to a lawyer versed in the field of tax law who can guide the inheritance through legal tax channels.

While the heir does not render himself liable to prosecution simply by inheriting illicit earnings, if, however, he does not immediately declare these to the tax office then he has evaded taxes. All the necessary documents must therefore be submitted to the competent tax office as quickly as possible and the testator's tax statements will then be corrected. This may even lead to the heirs being responsible for payment of tax arrears which exceed the inheritance.

Heirs who have yet to declare illicit earnings in an estate to the tax office should submit a voluntary declaration of an incomplete tax return, as the risk of untaxed funds being discovered in foreign accounts is constantly increasing. At this point, one only needs to recall the purchase of CDs on tax evaders or the increasing willingness of foreign banks and authorities to cooperate. If the tax authorities begin investigations first, it is too late to be exempted from punishment by means of a voluntary declaration.

It is not enough for a voluntary declaration to be made in good time; it also has to be exhaustive for the exemption from punishment to be effective. It must include all relevant tax information. This can prove to be extremely difficult, especially with respect to inheritances. It is therefore not advisable to prepare a voluntary declaration alone or with the help of standard forms, as in these cases the risk of things going wrong with the voluntary declaration is high. To avoid this, those concerned should urgently approach an expert.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact:

Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en http://www.grprainer.com/en/Voluntary-Disclosure.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In many companies, succession will have to be arranged in the coming years. Those who still wish to benefit from tax advantages should act promptly.

Cologne, NRW -- (SBWIRE) -- 08/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude:

The business weekly Wirtschaftswoche reported that, according to estimates by the Institute for Small and Medium Sized Business Research (Instituts fuer Mittelstandsforschung), around 135,000 companies will be searching for a successor by the year 2018. It further states that in approximately 54 per cent of cases the successor comes from within the family. The company is then frequently bequeathed or gifted, and this entails enormous tax concessions. Between 85 and 100 per cent of the assets remain tax-free.

If the plans of the German Federal Fiscal Court (Bundesfinanzhof) are followed, these tax concessions could soon come to an end. It has already expressed its concerns to the German Federal Court of Justice (Bundesgerichtshof (BGH)). These generous rules could infringe the principal of equal treatment. The oral hearing is taking place on July 8 in Karlsruhe. The view of experts from the German Federal Ministry of Finance (Bundesfinanzministerium), the Federal Fiscal Court and other bodies will be heard at the Federal Court of Justice.

How the BGH will rule on this issue is anybody's guess. However, it is conceivable that the tax concessions will be significantly limited. Businesses should therefore settle the matter of succession as soon as possible.

In order to protect assets in the event of company succession, the rules and room to manoeuvre regarding inheritance and gift tax have to be observed and tax pitfalls avoided. To this end, those concerned can turn to experienced tax advisors and lawyers versed in the field of tax law. They can see to it that company succession is arranged in a way that is optimal from a tax point of view and that neither the business nor the successor is subject to an excessive financial burden due to taxes on a donation and/or inheritance.

Since the financial burdens could increase following the decision of the BGH, businesses should act as quickly as possible in order to still be able to benefit from the tax advantages currently in force. Depending on how the Karlsruhe judges' decision turns out, the tax burden may become a serious problem for the business and, in the worst-case scenario, even threaten the latter's existence.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact: Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en http://www.grprainer.com/en/Gift-Tax.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

A voluntary declaration in the case of tax evasion only exempts you from punishment if it has been submitted on time. Thus, the authorities cannot already have begun any investigations.

Cologne, NRW -- (SBWIRE) -- 08/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – www.grprainer.com/en conclude: Tax evasion is a criminal offense, but German tax law allows one to make a voluntary declaration of an incomplete tax return leading to immunity from punishment. If all tax omissions from the past five years are presented to the tax office accompanied by the necessary documents, the tax evader returns to being tax compliant.

For this to happen, essentially two conditions must be satisfied: The documents pertaining to the tax omissions from the past five years must be exhaustive so that a new tax assessment can be issued within a short space of time. The tax liability must then be discharged within a short timeframe. Moreover, the voluntary declaration must be made in good time.

However, when a voluntary declaration has been made in good time is disputed. If the authorities have already begun investigations it is too late. But it is questionable, for example, whether the mere presumption that one's name could appear on a purchased CD on tax evaders means the voluntary declaration can no longer be submitted on time.

Tax evaders who want to submit a voluntary declaration should therefore urgently consult with a lawyer competent in the field of tax law. He will be able to judge whether the voluntary declaration has been made on time and can also be of assistance in preparing it, as submitting a voluntary declaration in such a way that it actually exempts you from punishment is a complicated process which can be difficult for a layman to keep track of. Even standard forms are scarcely able to account for the complex and wide range of circumstances. The consequence of this can then be that the voluntary declaration is unsuccessful and severe penalties follow.

The risk of a voluntary declaration being ineffective is significantly reduced with the support of competent lawyers and tax advisors. They know which documents are required and, if need be, are able to estimate the tax liability should important documents still be missing.
Since the rules for voluntary declarations leading to immunity are expected to be substantially tightened from 2015, they should be submitted in this year as far as possible.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact: Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en http://www.grprainer.com/en/Voluntary-Disclosure.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In the event of inheritance, the state generally cashes in on inheritance tax, yet money can also be saved with respect to this tax.

Cologne, NRW -- (SBWIRE) -- 08/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Anyone who comes into an inheritance must also expect to pay inheritance tax. While the Growth Relief Act (Wachstums-Entlastungsgesetz) provided relief to heirs by converting the tax rates from 30 and 50 per cent to 15 up to a maximum of 43 per cent, a substantial proportion of the inheritance nevertheless ends up in the state's coffers. This not only applies if money is bequeathed but also, for example, in the case of real estate or works of art.

Nonetheless, there are also special rules for inheritance tax. These concern, inter alia, the residential property used by the owner. If certain conditions are met, spouses or children can remain tax-free when inheriting a house. However, for this purpose, solid expertise is necessary in the constantly changing field of inheritance tax. In order to benefit from the most favourable tax rates, those concerned can turn to tax advisors and lawyers experienced in the field of inheritance law. It is also important to declare the inheritance in the tax return, as heirs can otherwise render themselves liable to prosecution for tax evasion. Should an inheritance have not yet been declared to the tax office, there is also the possibility of voluntarily reporting an incomplete tax return.

Inheritance tax also plays an important role in the case of those inheriting companies. To date, they can still benefit from concessions of between 85 and 100 per cent. The concessions are essentially dependent upon whether the jobs are retained. However, it is currently being considered whether these concessions for those inheriting companies in comparison with private heirs infringe the principle of equality. It is possible that the concessions will be significantly reduced as early as autumn.

Businesses that have to plan company succession should therefore promptly address this issue if they still want to benefit from the concessions.

Even in these complex circumstances, tax advisors and lawyers experienced in the field of inheritance law can be of assistance in optimising transactions and saving on a large proportion of inheritance tax.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Inheritance-Tax.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Labour law is a wide field that features many pitfalls. Of particular importance is, for example, the conclusion of the employment contract as well as termination giving due notice.

Cologne, NRW -- (SBWIRE) -- 08/19/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – www.grprainer.com/en conclude:

One current example from the wide field of labour law is the subject of the minimum wage. Which rules employers must observe in this context, when the minimum wage must be implemented or permissible exceptions are aspects that have to be taken into account when drawing up the employment contract. Remuneration is essentially only one of the points which need to be regulated in the employment contract. This concerns not only the basic salary, but also additional performance-related or fixed bonuses.

The employment contract regulates all the fundamental issues in the relationship between employer and employee. In doing so, it should define the activities as precisely as possible. Another crucial aspect is working hours: It is not only the weekly working hours that can be determined, but also both the obligation to work overtime and corresponding compensation. Holiday entitlement, the place of work or a probationary period are additional arrangements that are defined in the employment contract.

If, having regard to collective wage agreements, these points remain relatively clear, there are aspects which can be of decisive importance especially in the event of a dispute. This applies, for instance, to a breach of contract, restraints on competition or secondary employment.

Termination is also a very important topic. As a rule, the employment contract specifies within which timeframes the employment relationship can be cancelled. It is with regard to the topics of termination and written warnings that most mistakes occur in labour law. At the same time, questions pertaining to severance payments or termination agreements are also relevant. It is advisable to find a solution based on mutual agreement. If this is not possible, these arguments frequently end up in front of a labour court, at which point a clever negotiating strategy and detailed know-how is required.

Many legal disputes can be avoided by means of precise provisions in the employment contract. Lawyers with a high level of competence in the field of labour law can be of assistance in drafting the contract. Of course, this also applies in the event that disputes do emerge at a later stage. Since time limits in the field of labour law are generally short, legal counsel ought to be obtained as soon as possible in order to defend one's own interests.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.
Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en http://www.grprainer.com/en/Employment-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous year.

Cologne, NRW -- (SBWIRE) -- 08/12/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: As reported by Focus Online, data from the Ministry of Finance for North Rhine-Westphalia shows that in this year already almost 4600 citizens have submitted a voluntary declaration in NRW. In June alone, this amounted to more than 500.

It is clear that for many people who have invested untaxed illicit earnings in accounts in Switzerland or other tax havens things are becoming too hot. Since CDs on tax evaders are being purchased, prominent tax dodgers are making headlines and there has been a greater willingness between authorities to cooperate across borders, more and more voluntary declarations are being received by the competent taxation authorities.

Another reason, without a doubt, is the planned tightening of the rules for voluntary declarations providing exemption from punishment in cases of tax evasion, which have been agreed on by the finance ministers of the Federal Government and the federal states (Laender) and should be adopted by the Federal Government before the summer recess. Another significant change besides the planned increase in penalties is that presumably as from 2015 it is not only the tax details for the past five years that have to be corrected but for the past ten years. This will make it substantially more difficult to prepare an exhaustive voluntary declaration of an incomplete tax return; however, it is only an exhaustive voluntary declaration that is submitted on time which provides exemption from punishment.

Thus, tax evaders who wish to return to being tax compliant should not submit a voluntary declaration on their own or with the help of standard forms, as the individual circumstances of each voluntary declaration must be considered. The risk of things going wrong with the voluntary declaration without expert assistance is high. In the end, one could then be faced with a conviction for tax evasion. Those concerned should therefore turn to specialist tax advisors and lawyers versed in the field of tax law. They know exactly which details and documents have to be included in the voluntary declaration and will ensure that the exemption from punishment actually takes effect.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Voluntary-Disclosure.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Executive employees and management personnel occupy central positions in firms and are therefore subject to different legal conditions. This has implications for the employment contract and termination.

Cologne, NRW -- (SBWIRE) -- 08/11/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Executive employees, management personnel or managing directors occupy a central and special role within companies. They form, as it were, the interface between the workforce and the employer. They must take decisions, have special competences and yet are themselves often employees. The same rules of labour law do not, however, apply to them as they do to "normal" employees. The legislature has accounted for the special status of management personnel in companies by means of special regulations.

The definition of an "executive employee" plays a decisive role here. A fundamental distinguishing feature in this context is the way in which the work is actually structured, i.e. whether the employee is authorised as a rule to make independent decisions which influence the fate of the company. These could, for example, pertain to recruitment and dismissal or the general commercial power of attorney (Prokura). One must also consider that the German Working Time Act (Arbeitszeitgesetz) does not apply to executive employees. Issues concerning working hours or compensation for overtime should therefore be regulated in the employment contract. Executive employees are also subject to considerable limitations regarding employee protection, the German Works Constitution Act (Betriebsverfassungsgesetz) or the right of termination. This means that businesses can more easily part with their executive employees. However, in the event of terminations, difficulties can arise, as it must be clarified whether the employee was in fact to be seen as an executive employee. A high salary alone is insufficient for this purpose.

The situation is clearer in the case of a managing director, who is generally not viewed as an employee. Yet, there are also exceptions here in certain circumstances. Thus, for instance, even the managing director of a German limited liability company (GmbH) enjoys some protection against dismissal. It is particularly important in this regard to carefully examine the relevant provisions in the contract.

In order to prevent disputes further down the line, the drafting of employment contracts ought to be very precise and detailed so that the contract regulates as far as possible for all possible eventualities. Lawyers experienced in the field of labour law can be of assistance when drafting. Of course, this is also the case if legal disputes nevertheless emerge and a judicial or extra-judicial solution is required.

GRP Rainer LLP - http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Executive-Employment-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

With a testament, the testator is able to express his “final will” and define rules for the inheritance, but a testament can also be invalid. Rules must therefore be observed.

Cologne, NRW -- (SBWIRE) -- 08/08/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: With a testament, the testator arranges for the disposal of his assets after his death. He can specify, inter alia, arrangements for succession, the size of the inheritance, conditions or even disinheritance in the testament.

In addition, he can also determine that the testament be executed by an executor. Thus, the testator has the opportunity to organise his estate in a way that is different to what is foreseen by the statutory rules on intestate succession, which would be applicable in the absence of a testament.

However, it is not easy for a layman to draw up a valid testament, as even the "last will" may be challenged and thus potentially not executed. Formally, there are two possibilities for preparing a testament: A notarised (public) testament or one that is handwritten. The latter must clearly be capable of being attributed to the testator. For this purpose, a signature alone is not sufficient. The testator can also revoke or alter his testament at any time.

Spouses are also able to draw up a joint testament. The unique feature of this is that when one of the partners dies, the joint instructions become binding, that is to say they can no longer be revoked or changed.

Ineffective testaments do not only result in the testator's "last will" not being executed; they can also lead to disputes among heirs. Testamentary instructions should therefore not only be given careful consideration, but also professionally drafted so that no doubts arise concerning the testament.

Lawyers versed in the field of inheritance law can ensure that a testament is drawn up in proper form and that the instructions are effective having regard to legal requirements, such as the mandatory statutory share. Moreover, in the event of death, it should be made sure that the handwritten testament is discovered. To this end, it can, for instance, be left with the probate court.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en http://www.grprainer.com/Testament.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Banking law is one of the fields of law that almost everyone comes into contact with, yet it features many pitfalls which can be expensive for clients.

Cologne, NRW -- (SBWIRE) -- 08/07/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – http://www.grprainer.com/en conclude: Almost every citizen is confronted with banking law on a daily basis – Even if only via their checking account.

However, the balance of power between bank and client is extremely disparate: On the one side are the experts of the bank and on the other the client as a layman. This imbalance can work to the disadvantage of the client. A current example of this is the series of judgments of the German Federal Court of Justice (BGH) from May 13, 2014 concerning the inadmissibility of prefabricated clauses regarding processing fees in consumer credit agreements (Az. XI ZR 405/12 und XI ZR 170/13).

A substantial section of banking law which leads again and again to claims for damages is investment counselling. Banks have to provide their clients which would like to invest their money in a capital investment with investor- and investment-specific advice. That means they have to broker investments which match the investor's profile. Cautious investors cannot therefore be given high-risk capital investments, but the reality is that this happens again and again and clients lose a lot of money. If the bank receives commission for the procurement, it must inform the client of these refunds.

The situation is similar if the bank is entrusted with asset management. Equally in this case, the bank has to adhere to certain directives and cannot work solely in its own interest, for instance for brokerage commission. Asset management contracts with a bank should be meticulously prepared from the outset in order to avoid trouble further down the line.

Of course, it is not only the relationships between private clients and the bank that are regulated in banking law, but also those between commercial clients and the bank. Since large sums of money are often involved, negotiations with a bank or credit agreements should not take place without legal assistance.

Guaranties, loans, asset management or investment counselling – banking law encompasses many aspects and almost always concerns your money. In order to prevent capital losses, lawyers with long-standing experience in banking law should be consulted for many banking transactions.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en
http://www.grprainer.com/en/Banking-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In the case of larger transactions, including in particular the acquisition of companies, shares in companies or investment property such as real estate, a careful risk assessment is indispensable. This kind of due diligence review provides all the relevant information for the planned purchase.

Cologne, NRW -- (SBWIRE) -- 07/30/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London – www.grprainer.com/en conclude: In the context of a company takeover or the purchase of company shares, a detailed examination of the existing risks in connection with the transaction is absolutely necessary so that a careful review of the investment can take place, as the buyer is often insufficiently aware of the company's true position. A careful examination of all the information relevant for the transaction is provided by the due diligence review. It paints a concrete picture of the existing risks and leads to the determination of a reasonable purchase price that takes into account all of the factors relevant for the transaction.

The problems that can emerge for instance when company shares are purchased are often not evident at first glance. It is therefore advisable to carry out a comprehensive and detailed review at an early stage. The company's legal form, existing contracts with business partners, employment contracts, tax implications, existing patents, copyrights and third party rights, accounts receivable and accounts payable, the company's economic situation and also the prevailing market conditions are some of the factors that need to be closely observed, analysed and evaluated. This information provides the data in order to be able to accurately assess the risk associated with the investment. Ultimately, this risk assessment leads to the determination of a reasonable purchase price.

Since essentially every transaction has distinctive particularities that need to be considered, it is not sufficient to simply implement only one "model catalogue" or standards for achieving a realistic appraisal of the intended transaction. Each investment must be newly analysed and evaluated according to its own individual criteria.

In order to be able to identify the details as well as their legal consequences, specialist lawyers ought to be consulted. They can also assist in setting prices, drawing up contracts and are always ready to provide further legal consultation.

About GRP Rainer
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en
http://www.grprainer.com/en/Due-diligence.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The firm GRP Rainer has been included in the encyclopaedia of lawyers “Kanzleien in Deutschland 2014”. The 15th edition portrays the leading commercial lawyers.

Cologne, Germany -- (SBWIRE) -- 06/13/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich and Stuttgart – www.grprainer.com/en conclude: "Kanzleien in Deutschland" is a renowned encyclopaedia of lawyers that is released by the publishing group Nomos. The editors eschew doubtful rankings, portraying only the leading German commercial law firms. Apart from the fields of law covered, criteria such as the history and development of the law firm, publications, legal articles and teaching activities as well as the partnership as an employer also play an important role here.

GRP Rainer is characterised as a "full service commercial law firm for modern small and medium sized businesses" which provides its clients with comprehensive commercial advice with a focus on company and tax law, banking and capital market law as well as intellectual property rights. It is therefore a point of contact for internationally operating small and medium sized companies, supporting them across all legal, financial and tax related issues. Lean structures, direct points of contact and advising clients on their own premises where possible are among the pillars of the firm's philosophy. This has been "a complete success in every respect", says "Kanzleien in Deutschland".

GRP Rainer offers its services in all legal areas that are of assistance to clients in implementing their economic goals. National and international. The firm makes use of its contacts with tax advisors, business advisors and auditors. In addition, we draw on cross-border cooperation with other partnerships. GRP Rainer now assists clients from Australia, the USA and, of course, in European countries outside Germany. Extensive language skills in English, French, Spanish and Portuguese ensure that language barriers do not exist in practice and enable smooth collaboration between all parties involved.

The editors of "Kanzleien in Deutschland" drew a positive conclusion on GRP Rainer. They said that the partnership has found its own approach, consistently expanded and implemented this, and provides a comprehensive spectrum of advice. "Internationally oriented small and medium sized enterprises are discovering from the flexible consultancy range offered by the partnership a competent point of contact", summarized the editors.

GRP Rainer is based in Cologne and has branch offices in Berlin, Bonn, Duesseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart.

About GRP Rainer LLP
GRP Rainer LLP www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner
GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany
Phone: +49 221-27 22 75-0
info@grprainer.com
www.grprainer.com/en

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Company directors of a corporation bear a huge responsibility as well as a high risk. If they breach their duties, they may also be liable with their private assets.

Cologne, NRW -- (SBWIRE) -- 05/20/2014 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Duesseldorf, Frankfurt, Hamburg, Munich and Stuttgart – http://www.grprainer.com/en conclude: Directors are tasked with running businesses for the benefit of the company, that is to say profitably. They cannot be legally charged for a lack of economic success, yet if directors breach their duties they may well be faced with claims for damages, both in cases of internal and external liability.

Essentially, a director is obligated to exercise the level of care due from a prudent businessman (sec. 43 para. 1 GmbHG (German Private Limited Liability Company Act)). This encompasses, among other things, control over the economic and financial affairs of the business. Even if these tasks are delegated to employees, the director is obliged to maintain an overview. If he does not fulfil his duties, he can be held liable towards the company (internal liability). This explicitly does not cover a business decision that is not met with the desired success; rather, fault – wilful or negligent – is required in order to establish a breach of duty. This kind of violation can result, for example, from instructions of the shareholders being disregarded, excessive risk or, of course, also fraud or breach of trust.

In addition, the director is responsible for the proper payment of social security contributions, tax matters or even the timely filing of insolvency if that is an imminent possibility. If he does not perform these tasks, third parties can directly assert their claims for damages against the director (external liability).

In order to reduce the risk of liability, the contract between the company and the director is important. Whereas external liability, that is concerning the claims of creditors, cannot be excluded, there is a certain amount of leeway with respect to internal liability. Here, it can be contractually agreed that the director is only liable vis-a-vis the company if he acted wilfully or with gross negligence. "Ordinary negligence" can be excluded.

When drafting contracts and also when questions of liability arise, advice should be obtained from lawyers competent in the field of company law.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.
Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Directors-Liability.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

On 03.06.2012, the Federal Supreme Court (BGH) held that the resumption of business operations associated with a new company object should be classified as an economic re-establishment. This must be disclosed to the court of registration; otherwise liability was likely to arise.

Cologne, NRW -- (SBWIRE) -- 05/14/2014 -- GRP Rainer Lawyers Tax Advisors, Cologne, Berlin, Bonn, Dusseldorf, Hamburg, Munich, Stuttgart, Frankfurt http://www.grprainer.com exemplify: In the present case, the insolvency administrator brought on an action against the assets of a GmbH in insolvency proceedings. After a temporary closure, the GmbH resumed business activities. With the entry in the commercial register, it registered the transfer of the company's domicile and the new managing director. A change of corporate object, however, was not indicated. The defendant acquired the sole company share at a price of 7,500 euros. Afterwards, the company filed for bankruptcy. The plaintiff then claimed payment of the insolvency debts from the defendant, as owner of all shares.

The Federal Supreme Court confirmed that the change of company object equals the new economic establishment of the company. It also adjudicated the disputed question about how liability is determined if the re-establishment is withheld from the Commercial Register. According to the Federal Supreme Court, it is crucial whether there was a shortfall between the new assets of the company and the registered share capital during the re-establishment process. In such a case, extensive liability for impairment of capital of the owner of the shares would be considered.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.
Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Company-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

When merchandise is offered at an extremely low price and only in connection with the purchase of a main product this is called combined offers. This method of sales is increasingly used by many companies as a new marketing strategy.

Cologne, NRW -- (SBWIRE) -- 05/13/2014 -- GRP Rainer Lawyers Tax Advisors, Cologne, Berlin, Bonn, Dusseldorf, Hamburg, Munich, Stuttgart, Frankfurt http://www.grprainer.com inform: If a significant reduction is granted in order to sell the actual main product or service, the advertiser is obliged to explain the actual value of the overall offer. This means, combined offers are subject to the obligation that prices must be uniformly assessed.

Generally speaking an advertisement is deemed to be anticompetitive if it only highlights the promise of a gratuitous partial performance or the low price of a partial performance, without indicating at the same time in a clear, easily identifiable and clearly legible form the payment required for the other part of the combined offer.

These two cases were brought before the Federal Supreme Court of Germany (BGH), involving electrical equipment that could be purchased much cheaper if a power supply contract was concluded at the same time. Regarding to the court this advertising was anticompetitive.

In one of the case, the Federal Supreme Court (BGH) reached the following decision: "After abrogation of the Ordinance on Bonuses, the admissibility of combined offers is to be assumed.

However, such an offer is anticompetitive if the risk exists that consumers will be misled or otherwise provided with inadequate information about the actual value of the offer, in particular about the offered additional benefit. Moreover, the fact that a combined offer may emanate such a strong attraction force that the rationality of the consumer's demand decision is exceptionally pushed entirely into the background may also contribute to the assessment of the offer as being anticompetitive. A general obligation to always indicate the value of the bonus can neither be inferred from the general clause of the Law on Unfair Competition nor from the prohibition of misleading statements." (BGH judgment of 13.06.2002 – I ZR 173/01)

In the other case, the Court ruled that an advertisement for a combined offer consisting of a power supply contract with a term of at least two years and a television set for 1 DM is deemed to be anticompetitive if the conditions under which the benefit is granted are not made sufficiently clear (cf. BGH judgment of 13.06.2002 – I ZR 71/01).

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Intellectual-Property-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In a judgment dated 15.03.2012 (Case No.: III ZR 148/11) the Federal Supreme Court of Germany (BGH) ruled that sales organizations that provide capital investments are in certain cases liable for the criminal conduct of their sales representatives.

Cologne, NRW -- (SBWIRE) -- 05/09/2014 -- GRP Rainer Lawyers Tax Consultants, Cologne, Berlin, Bonn, Duesseldorf, Hamburg, Munich, Stuttgart, Frankfurt www.grprainer.com elaborate: In the case on which the decision was based, a representative of a financial consulting firm liquidated a customer's investment funds and transferred the sales value to his private account by forging the customer's signature. In this case, the Court saw a close relationship between the professional activities of the representative and his criminal actions.

According to the Court, the advice provided by the representative established a contractual relationship within the meaning of § 311 Section 2 No. 3 BGB with duties under § 241 para 2 BGB, because the advice was accompanied by the authorization of said representative to continuously disclose to the customer information that is generally subject to banking secrecy.

In this case, this obligation had been violated by the representative. The Federal Supreme Court held that the defendant sales organization was liable in accordance with § 278 p.1 BGB because the representative had come in contact with the infringed legal assets of his customer precisely by means of his professional activity, which ultimately enabled him to sell the customer's capital investments.

About GRP Rainer LLP
http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner
GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany
Phone: +49 221-27 22 75-0
info@grprainer.com
www.grprainer.com/en http://www.grprainer.com/en/Commercial-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Trade agents contractual commission regulations can be ineffective if they are contradictory according to § 307 para. 1 sentence 2 BGB (Federal code of law).

Cologne, NRW -- (SBWIRE) -- 05/08/2014 -- GRP Rainer Lawyers Tax Advisors, Cologne, Berlin, Bonn, Duesseldorf, Hamburg, Munich, Stuttgart, Frankfurt grprainer.com elaborates: The higher regional court in Munich (Az. 23 U 4793/11) decided on March 22nd 2012 that a commission determining clause can be invalid in view of coexisting and simultaneously completed cooperation agreement and trade-agent contract because, they can be contradictory.

In this certain case the higher regional court of Munich had to decide, two parties fought over the premise to claims of a commission for a trade-agent contract from a cooperation agreement, as well as, a simultaneously agreed upon and coexisting trade-agent contract. The defendant appealed that a claim to a commission payment is only justified within the parameters of the cooperation agreement, if a finance-contract is prepared, completed and signed due to the trade-agents umpiring.

In view of the trade-agent-contract, this clause stands in violation to the transparency dictate of § 307 para. 1 sentence 2 BGB, argued the higher regional court of Munich. In the matter of dispute over the trade-agent-contract the regulation § 87 para. 1 HGB was used. The coexisting regulations of the cooperation agreement and the trade-agent-contract are unclear and contradictory. It also wasn't evident which regulation was prevalent. A predominant regulation could not be determined. In light of the cooperation agreements regulations, an unjustified disadvantage is assumed according to § 307 para. 2 BGB, because of the risk that the claim to a commission could be suppressed and invalidated by causality of the framework of the cooperation agreement.

The non-concessions complaint is pending at the German federal court under Az. VII ZR 114/12.
Let a lawyer advise you regarding trade-agent law affairs. The lawyers at GRP Rainer counsel enterprisers, as well as trade agents regarding the structuring of contractual relationships: from claims to closure. Our lawyers will contact the opposition, check possible claims and will support you in their enforcement – be it extrajudicial or judicial.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London UK.

Contact Michael Rainer
Lawyer, Managing Partner

GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany

Phone: +49 221-27 22 75-0
info@grprainer.com
http://www.grprainer.com/en/Commercial-Agency-Law.html

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm